Harbor Custom Development, Inc. (NASDAQ: HCDI), a leading real estate corporation, has acquired around 108 family lots in Austin, expanding its Metro Housing Footprint.
Metro Housing Footprint: Harbor Custom Development spent $17,165,000 ($17.16 million) for acquiring the land parcel of 108 family lots in Horeshoe Bay, Texas, around 53 miles west from Austin. The company anticipates the construction at the newly purchased land of 4 and 5 bedroom homes on 0.25 to 1.50 acres and is likely to be priced from $800,000 to $2,000,000, in the Jack Nicklaus signature, Summit Rock.
As per the management, the home buyers in Summit Rock will also have an opportunity for membership at Horeshoe Bay, which is otherwise difficult. The membership will give the buyer access to all the resort facilities, including multiple clubhouses, three golf courses, lake facilities, yacht club, and access to a private jet center.
Expanding Presence in Austin: Harbor Custom Development, has made a considerable commitment to increase its presence in Austin market. The acquisition of 108 lots coupled with the company’s current project and expected inventory help the company to build a solid future foundation. In addition, the new construction will help the company to provide a home buyer with a scenic lake view. The management indicated that new construction in Horeshoe Bay area and declining inventory in the Austin market offer a substantial opportunity to Harbor Custom Development.
The Summit Rock provides the company an excellent opportunity to mark their entry into the upscale market by providing homebuyers with 4 and 5 bedroom options. In addition, the pent-up demand will help the company increase its revenue and generate cash flow, which can help them lookout for more assets and strengthen its footprint further in the high-scale market.